Breaking rental lease, my landlord is making finding a replacement really difficult, am I still liable for rent in subsequent months?
I live in California, and I have provided my landlord with 30 days notice of moving out. I rent a room in her house. I have provided her with at least 7 or 8 potential replacements. I have tried to show them the unit myself, but she insists on doing the process herself. She is making it so that the potential roomates have to fill out and application before they can even view the unit, and this is causing the process to take several days for each individual, casuing many to back-out. Not even one person has gotten a tour of the house yet and the next month is approaching. When I had moved into the apartment she did not ask for the application prior to showing me the unit. The same is true for my other roommate. However, now she is claiming it is necessary for safety reasons. My question is, if I have done my due diligence and provided her with several prospective tenants, am I still liable for future rent/utilities if it is due to her newly-adopted tedious process, which is making prospective tenants lose interested? I have been paying her rent and utilities for the last 2 months despite not living there, and just gave my notice a month ago. I fully believe that if she had allowed me to handle the process, and show prospective tenants the unit, someone would have have taken over my lease by now. However, with the way the market is, potential tenants are viewing other rooms at the same time, and tend to choose fast.
If I am opening a hookah bar, do I want to rent, lease, or own my building?
I found a great location to start up a hookah bar in my area. It's in a shopping center surrounded by liquor stores and bars, making it not too out of the ordinary. I have tons of friends who are invested into this plan (it will be a nice change from driving downtown for many, many people in the area), I'm just the ringleader since I have tons of customer service experience paired with the best credit. The only problem with a hookah bar is that we will have to renovate the building to create proper ventilation. I'm not sure if someone who was just renting out their space in a shopping center would let us do that. I'm not sure if someone who was leasing out the said building would do the same, either. But I'm looking to get a small business loan that maxes 100,000 dollars, so I can't buy my own property when the cheapest one I've found through internet research is 175,000!!!! Anyone who has experience in starting up businesses, properties, hookah bars, etc. please help me!!!!
I am on a lease with a boyfriend and I want out. Is there any way for me to get off the lease?
It sounds like the lease has given you an out, but it will cost you. You need to give management written notice of at least 60 days. Because rents generally run from first day of the month to the last day, you'll end up paying for a third month. If you were to write that notice today, giving management notice that you want to terminate, the release date would be the end of January 2012. You would have to pay the full month rent for December and January (November should already have been paid), plus the one month release fee. So it will cost you three months full rent, but you should be able to get out. Why full month rent and not half? Because leases are written in a way that obligates each party for the full month. This eliminates landlord worry that one party will move out and the party or parties remaining would only be obligated for a pro-rated share. You can't run a business that way. So management will not accept two 'half of the rent' payments plus a 'half month' for the release fee. You would have a right to go after this guy for the rent you end up paying on his behalf. Management will probably grant you the release, for more than one reason. One, they have three full months rent from you, upfront. Two, the boyfriend is still on the lease and he is also obligated to pay the full amount if you aren't there. So management will notify him that you're off the lease. If he doesn't want to move, he'll be 100% obligated to pay if he wants to stay. If he decides to leave as well, he may have to also go the 'buyout clause' route. It would be better if you did it together at the same time and shared the cost. Tell him this and see what he says, and if he balks, proceed.
I live in the US, I am planning to buy a residential property as an investment and rent it out. What are some of the things I should be aware of?
If it is strictly a property you are going to be renting out and not living in, I would advise that you make sure your property can be set-up as a short-term vacation rental, since this will get you the most return for your investment.Long-term rentals may be more hands-off than their short-term counterparts, but you typically can’t rent out a property for more than what your monthly loan payment will be. Not a bad way to do it, just leaving some money on the table. With the rise of short-term vacation rental options, like those on Airbnb, it really is the smartest thing to do with an investment property you plan on renting out. Short-term rentals can increase your monthly revenues by 1.5-3 times that of a long-term rental. Yes, it is going to need more micro-management, but that’s where property managers come in.There are tech-savvy property management companies out there that specialize in managing short-term rentals, and will make sure you are getting your max ROI on your property.If you are curious about the basics to renting out your property short-term, I would read this blog post: The Basics of the Short Term Rental Industry for Hosts and Guests.If you plan on actually living in the investment property as well as renting it occasionally, this article about Key Differences in Renting Out A Primary Residence Vs. A Second Home might be helpful. Best of luck!
We are RENTING a home, can our landlord have an appraiser take pictures of the inside if even THEY HAVN'T seen
If you had rented this house from me I would have seen the inside of it while you were living there. Maybe only once, or maybe twice, but I would have seen it. Look at your business arrangement (that's what renting is) from your landlord's point of view. For money, he allows someone else to live in his house. He has a vested interest in making sure that you aren't doing something illegal (like a meth factory), and that you are generally taking care of the place (that you don't have 24 cats on the property, that the garbage isn't two feet deep throughout the whole house, etc.). He isn't interested in a few piles of clutter or laundry. He doesn't care that you have a picture of the canal on your walls, he just wants the walls to be intact. Appraisers look at the interior condition to get a better picture of value. Some things are worth more inside than others. A house with grand crown mouldings, granite counter tops, brazilian cherry flooring (or travertine flooring), etc., is worth more than laminate counter tops with linoleum flooring. The appraiser won't open closets (unless it's a walk in to gauge the size), they generally won't open the cabinets, but they will take pictures. They will want a picture of every room (if they are any good). It isn't a way to spy on you. If they wanted to see the inside, all they have to do is give you 24 hours notice for a landlord inspection and you'd have to let him in. The fact that he has never done this is amazing (and foolish on his part). good luck!
Can my landlord refuse one months rent past lease.?
My lease ends in one month but I’m in the process of buying a home. The times aren’t going to match up so I will probably need another month at my rental. I’ve told my landlord that I don’t want to sign another lease as I’m buying a house but may need to just pay another month past the lease (same payment I’ve been paying of course) but he says he’s unwilling to do month to month (even for just one) so it’s either sign another year long lease or move out right when it ends. Is he legal to do that? What are my options?
Is it legal to rent out a house to pay the mortgage?
As others have mentioned here, it depends when the house becomes a rental. If you buy a house strictly to rent it out, then you MUST inform the mortgage lender, and they will charge you a higher rate. Also, they may not take the proposed rental income as qualifying income if you have been a landlord for less than 2 years.Now, if you buy a house and live in it as your primary residence for a while, and then decided to rent it out, it's a bit easier. You should inform your mortgage lender and they may charge you a fee but probably won't raise your rate or deny you.One small wrinkle. If you are still living in the house but decide to rent out a room or two while you are still living there, this is OK (though you should get some extra landlord's insurance), but should you wish to refi the mortgage you cannot use rental income from your primary home to qualify. You can use the rental income to pay the mortgage, but it can't be counted as qualifying income for a new loan on that house.